Terra Nova Minerals Inc.
TSX VENTURE : TGC

September 03, 2009 11:26 ET

Terra Nova Minerals Inc.-Update to Acquisition of Australian Energy Company Limited

TORONTO, ONTARIO--(Marketwire - Sept. 3, 2009) - Terra Nova Minerals Inc. ("Terra Nova" or the "Company") (TSX VENTURE:TGC). Further to the Company's press release of July 22, 2009, the Company is pleased to announce that it has today filed its Bidder Statement with the Australian Securities and Investments Commission ("ASIC") in connection with the Company's offer (the "Offer") to acquire all of the issued and outstanding ordinary shares of Australian Energy Company Limited ("AECL"). AECL has today also filed with ASIC its Target Statement supporting the Offer by the Company. It is expected that both the Bidder Statement and the Target Statement, which are the equivalence to a Canadian take-over bid circular and directors' circular respectively, will be mailed to AECL shareholders on September 7, 2009.

The Offer is conditional on minimum acceptances of 75% or more of the AECL Shares, the approval of the Company's shareholders at a shareholder meeting (the "Meeting") to be held on October 14, 2009, and other conditions more fully described in the Bidder Statement. Both the Bidder Statement and the Target Statement have been filed on the Company's SEDAR page at www.sedar.com. Please refer to these filings and the July 22, 2009 press release for full details on the bid and the reverse take-over transaction involving the acquisition of the AECL Shares by the Company (the "Transaction").

The Company will be delivering the Management Information Circular for the Meeting to its shareholders within the next two weeks.

Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Terra Nova should be considered highly speculative.

ON BEHALF OF THE BOARD

William McLucas, Chairman and CEO

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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